ahmadmaghfur Wrote: ------------------------------------------------------- > HydrogenRainbow Wrote: > -------------------------------------------------- > ----- > > Hey hplee, I am in a similar position as you, > > just that I completed my coursework in Dec07. > It > > definitely sucks, and I did interview for an > ops > > job at Barcap. It seemed that passing CFA L1 is > > very “intimidating” to those f-ing ops dudes.I > > remember that ops dude pressing me for the > exact > > requirements and so on. I said yes, i need 48 > mths > > of relevant work expeirencne but surely you > could > > just get the exams over and done with, and > worry > > about the work requirement after passing the > exam. > > Never got called back for the 2nd interview. > > When I went for an interview at this small > > independent ER firm, again the interviewer was > > asking me, you have CFA L1, so what is it you > are > > seeking to do? Are you thinking of being an > > analyst in a big bank? Well, obviously he knows > > that I won’t want to remain there for long. > > So it kind of like puts u in a sh**. U have the > > CFA L1, which definitely puts u at a better > edge > > over most Singaporean fresh grads (think of it, > > how many of them actually tkae the exam before > > they graduate? Not many I believe). Now I am > > willing to be shortchanged and do an ops job at > a > > nice bank, but here you are, you get scared > stiff > > when i say i have L1. What the heck? > > It seems that over here in Singapore they are > not > > willing to take fresh grads at all. But I think > > that is stupid??? I mean, everyone has to start > > somewhere right? Weren’t those peeps sitting in > > that corner room once fresh graduates? > > I currently am in the midst of applying for 2 > > graduate programs (just had the phone interview > > with 1 of them on Monday night). With the help > of > > a HH, I am going for an interview with > Macquarie > > for a Financial Reporting role (the job scope > > involves supporting the ops exec and reporting > to > > the biz manager). I am going to do my best and > > prepare for it like the way i prepared for my > > phone interview for the grad program. > > It’ll be good if i could get that job because > > -It’ll be a backup in the event I fail to > secure > > either one of the graduate programs. If that > is > > the case, I’d work there for a couple of months > > till the end of the year, and then re-apply for > > the graduate programs since a large number of > them > > do accept people with <2-3 years of experience > > -Since the graduate program will start only in > > sept 08, this will give me a good amount of $$ > and > > I can learn something. > > > > > > By the way this may be kinda off-topic, but > what > > do you all think of this job? Does it come > across > > as one which I can learn? > > > > Operations > > > > · Prepare monthly Offshore Reporting > Pack > > for the Singapore Office & Operations review > for > > Head Office. > > > > · Review Fee notes in accordance with > > client mandates. > > > > · Follow up and manage debtors including > > deferred settlement on deals. Obtain commentary > > from transaction directors on the long > outstanding > > debts for impaired asset listing. > > > > · Prepare Out of Pocket (OOP) reports to > > transaction directors for review. If write off > > required, follow up with the transaction > directors > > to obtain the necessary approvals. > > > > · Submit OOP code request to Sydney for > new > > projects. > > > > · Send out copies of new signed mandates > > and OOP code to FOD, Tax, Doc Mgt. > > > > · Maintain list of projects based on new > > transaction approval forms and mandates. > > > > · Update staff matrix on a monthly basis > > based on staff details list for Asia Exec > > Directors / Division Directors meeting. > > > > · Collate monthly Operations Review > Report > > for submission to Sydney. > > > > Finance > > > > · Answer simple queries from Executive > > Assistant’s in relation to expense payments > > including issues relating to industry, product > > OOP, and GST codes and compliance with IBG’s > > expense policy. > > > > · Assist Operations Executive with > Transfer > > Pricing (TP) process including completing the > > revenue allocation spreadsheet and liaising > with > > the deal team and Sydney on any queries on the > TP > > documentation. > > > > · Review the TP invoices prepared by > Sydney > > and ensure they are in line with finalised TP > docs > > and local invoicing requirements. > > > > · Reconcile revenue transfer priced > in/out > > booked in GL against our TP documents to ensure > > accurate booking. > > > > · Review the reconciliation of revenue > > booked in GL vs fee note register prepared by > FOD. > > To highlight and investigate when variances > > occur. > > > > · Ensure timely submission of fee note > > register and fee notes to FOD at month end for > > closing purposes. > > > > · Review nostro reconciliations and > notify > > FOD to take receipt of incoming funds and to > > update fee note register. > > Why would want to work in OPS? u have a level 1!! I chose to give up my application cos it really is a sh** job. Nonetheless I am going for the 2nd round of itnerviews with Macquarie for a Mgmt Reporting role on Monday. THey seemed to like me enough to get back to me in a couple of hours. I managed to secure an ER interview on Thursday. Well it isnt with a bank but a small fund management co. that isn’t even 2 years old. See how things go. But I think if I get both offers I’d be more inclined to take the latter. I have been feeling quite bad these couple of months and at one point in time I thought the problem was with me. Now I realise, it is not me. Thanks so much for the support from you all. In the worst case, I can do something for the moment but continue hunting for what I want, and then quit a few months later if I find something. In the best case, I’d get the Management Trainee Program, and again, that means that the sh** is short-lived.
…all these messages are getting me down…because I’m in a very similar situation as hplee…michigan job market is not good right now…not to even mention finding an investment job…
haha that’s right, living in Michigan is not for the weak…over 7.5% unemployment and still growing baby.
To all those in the same situation as hplee and I, chin up!
HydrogenRainbow Wrote: ------------------------------------------------------- > Seriously I feel that interns in Singapore are > very shortchanged both in terms of pay and > exposure. An IB SUmmer Intern in Singapore gets > paid only SGD$1000 a month. THat works out to only > a couple of hundred USD, but I know IB summer > interns in London could be looking at say, 30,000 > pounds p.a.? It seems that things work rather > differently here, sadly. > not sure where u got ur info from but I know someone (from the US though) who got an offer to intern at JPM Sgp at the equiv rate of c.S$8000 a month… Anyway hydrogen, you said you have “good grades”. What are they? Because if its a first class hons degree, I am pretty sure that you will have no problems finding a job or getting an interview… have u tried the big 4? a year or so and u can re-apply for fresh entry level positions or alternatively move into the corp finance role there… have u tried westcomb?
The SGD8000 is for people who are in US universities. People from SMU/NTU/NUS who do Summer Internships at the IBC are paid only SGD$1K. During my summer internship at JPM there were a total of 25 of us. There were 3 of them in IBC, and they were paid $1k per mth, i.e. $12k p.a. I dont have a first class but I am in the top 30% of my cohort I believe. I did manage to get an interview with GS GIR and GIC but I didnt get the offer though. Try Big4? Try for what?I know nuts about auditing and tax.Anyway I managed to go for the 2nd round of itnerviews with Macquarie. It isnt something i like but heck if I find something i like in a few months time i can always resign.
what’s ibc? not sure of the terminology. but it will really be sucky to pay 1k a month. that’s madness… Big4 can be a stepping stone in the interim… “It isnt something i like but heck if I find something i like in a few months time i can always resign.” anyway as i was saying before, it’s no good to badmouth your potential employer on a msg board. good luck anyway…
I was paid SGD $600/month at a top 4 wall street ibank. 
You shouldn’t complain with a $1000. My perspective is that we interns do not deserve a significant sum, but the discrepancy that exists can be quite painful to our self-esteem.
IBC=Investment Banking Coverage. I don’t see how saying if if I do not like the job I’d leave if I can find something better= badmouthing the employer. It is not the company per se but rather the area of work. Anything wrong?I don’t see how it is so wrong to say that you’re unhappy with the work. If I don’t screw the SHL tests I think I’d most likely get the job…those tests are not particularly hard since it’s only middle school level math hplee, I wasn’t complaining, but rather I am trying to show that there is a huge difference between what an intern from NUS/NTU/SMU and what a Singaporean intern currently studying at a US gets.
Is anyone on Doostang? Would you mind inviting me
What is doostang? I have no idea what that is… =/
same position like you guys but im worse off - at least you guys are locals and have L1. I just graduated from Canada 6months ago and dont even have my L1 yet. So, not only am i looking for a job, I also need a salary high enough to let me get the emloyment pass. The SGD8000 was definitely for someone with an MBA. no one here pays that money. lucky to get SGD2k anyway, to the Singapore guys: have you applied to the big 4 at all for advisory roles?
gcfa, what r u on about? analysts are starting on c.8k a month. investment banking analyst though…
gcfa Wrote: ------------------------------------------------------- > same position like you guys but im worse off - at > least you guys are locals and have L1. I just > graduated from Canada 6months ago and dont even > have my L1 yet. So, not only am i looking for a > job, I also need a salary high enough to let me > get the emloyment pass. > > The SGD8000 was definitely for someone with an > MBA. no one here pays that money. lucky to get > SGD2k > > anyway, to the Singapore guys: have you applied to > the big 4 at all for advisory roles? Nope, did not apply to the Big4. I don’t think I can do audit as I am not an accounting student. Neither can I do Tax Advisory, for that same reason.
Keep positive and keep plugging but I think you guys are in for a big awke up call when you hit the “real” working world. Fresh grads know nothing… period. That is why it is hard to get FO jobs. No one is going to let you make any form of decision until you have experience. If you are very lucky you can get in the FO but those spots are reserved for the cream of the crop. I went through the same thing but you get a little experience and move up and then do it again… a few years down the road if you don’t let yourself get too comfortable in any role you will find yourself where you want to be. Work hard, study and be humble. No one likes a fresh grad who thinks he/she knows it all. You will work with people who have been doing their job for 20 years. That is why you can still learn a lot in the BO even if the job is very administrative. Anyways… best of luck. You guys seem motivated and I am sure you’ll get what you want in time.
Keep positive and keep plugging but I think you guys are in for a big awke up call when you hit the “real” working world. Fresh grads know nothing… period. That is why it is hard to get FO jobs. No one is going to let you make any form of decision until you have experience. If you are very lucky you can get in the FO but those spots are reserved for the cream of the crop. I went through the same thing but you get a little experience and move up and then do it again… a few years down the road if you don’t let yourself get too comfortable in any role you will find yourself where you want to be. Work hard, study and be humble. No one likes a fresh grad who thinks he/she knows it all. You will work with people who have been doing their job for 20 years. That is why you can still learn a lot in the BO even if the job is very administrative. Anyways… best of luck. You guys seem motivated and I am sure you’ll get what you want in time.
PMwannaB Wrote: ------------------------------------------------------- > Keep positive and keep plugging but I think you > guys are in for a big awke up call when you hit > the “real” working world. Fresh grads know > nothing… period. That is why it is hard to get > FO jobs. No one is going to let you make any form > of decision until you have experience. If you are > very lucky you can get in the FO but those spots > are reserved for the cream of the crop. > > I went through the same thing but you get a little > experience and move up and then do it again… a > few years down the road if you don’t let yourself > get too comfortable in any role you will find > yourself where you want to be. Work hard, study > and be humble. No one likes a fresh grad who > thinks he/she knows it all. You will work with > people who have been doing their job for 20 years. > That is why you can still learn a lot in the BO > even if the job is very administrative. > > Anyways… best of luck. You guys seem motivated > and I am sure you’ll get what you want in time. PM, that’s a nice little post. Keeps me jucied…
I have got a written test tmr…1st selection for ER job at a small investment co…shucks and i do not know what to study. I am hoping that re-reading the L1 stuff on corporate finance, PM and equity will help… 
your post has been most helpful. but i guess, i’d rather do the job at the small co. thaan start at the BO…anyways i think i’d have to wait for quite a while for macquarie to get bakc to me as i sat for a personality test on mon and i think it takes a long time to churn out the results
just go overseas and get an expat package. ironic but true, foreigners are (nearly) always paid more than us locals. just look at those entry-level ang mohs drawing fat salaries - i don’t believe they are any more capable/educated/experienced than locals. we should turn the tables and “become them” by going overseas. people always wonder why Singapore is facing a brain drain. i think the reason is plain and clear - because u are f*cking underpaying ur well-educated locals and treating them like 2nd-class employees compared to expats.
locals are always considered 2nd class. pray for our government that the FTs love Singapore.